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Uber Technologies (NYSE:UBER) and Lyft (NASDAQ:LFYT) have each been public for several months now, but the ride-hailing apps' penetration in exchange traded funds remains relatively. However, a new ETF will be another venue for Lyft, Uber and other travel-related stocks.
New Jersey-based ETF issuer ETFMG filed plans with the Securities and Exchange Commission for the ETFMG Travel Tech ETF, which will trade under the ticker “AWAY.”
In addition to Lyft and Uber, the ETFMG Travel Tech ETF will feature exposure to companies such as Booking Holdings (NASDAQ:BKNG). ETFMG's newest ETF, assuming it comes to market, could be viewed as a play on younger generations' thirst for travel.
“Those stocks have outperformed the benchmark measure of U.S. equities this month, defying concern over an economic slowdown,” reports Bloomberg. “That’s been possible in part due to an upbeat outlook for travel tech companies’ growth prospects among younger generations. Travel and tourism have contributed a record $8.8 trillion to the global economy last year, according to a council that represents more than 170 industry companies.”
See Also: Big Inflows To ESG ETFs Continue
AWAY will be one more ETF avenue for Lyft and Uber. Lyft currently appears in just 49 ETFs with that number rising to 59 for rival Uber.
Details on weights assigned to holdings in AWAY are not yet available, but Lyft and Uber fans are likely hoping for something meatier than what the ETF world currently devotes to those stocks. At just under 3%, the SoFi Gig Economy ETF (NASDAQ:GIGE) has the largest weight to shares of Lyft among ETFs.
The ETF with largest Uber allocation is the Renaissance IPO ETF (NYSE:IPO) at 3.23%.
The filing for AWAY did not include an expense ratio or an expected debut date. Other well-known ETFMG ETFs include the ETFMG Alternative Harvest ETF (NYSE:MJ) and the ETFMG Video Game Tech ETF (NYSE:GAMR).
